Applied DNA Announces 1-For-20 Reverse Stock Split, Will Begin Trading On A Split-Adjusted Basis Commencing Upon Market Open On Thursday, April 25, 2024
Portfolio Pulse from Benzinga Newsdesk
Applied DNA Sciences, Inc. (APDN) announced a 1-for-20 reverse stock split effective April 25, 2024. The split-adjusted trading will start on the same day on the Nasdaq Capital Market under the new CUSIP number 03815U409. This action will reduce the issued and outstanding shares from approximately 17.26 million to about 863,000 shares. Adjustments will be made to outstanding stock options, restricted stock units, and warrants, including exercise or conversion prices. No fractional shares will be issued; instead, they will be rounded up to the nearest whole share.
April 22, 2024 | 8:12 pm
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NEUTRAL IMPACT
Applied DNA Sciences, Inc. (APDN) will undergo a 1-for-20 reverse stock split, significantly reducing its outstanding shares and potentially affecting its stock price.
Reverse stock splits often aim to boost the stock price by reducing the number of shares outstanding, making the stock appear more valuable on a per-share basis. However, the market's reaction can vary, and the impact on the stock price in the short term is uncertain. The reduction in outstanding shares to approximately 863,000 and adjustments to stock options and warrants could lead to a perception of increased value or could trigger selling pressure if investors view the split negatively. The exact short-term impact on APDN's stock price is uncertain, hence the neutral score.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100